Sponsor sad at loss of Lance Armstrong's 'great story'

Lance Armstrong's doping scandal has cost sponsor Oakley one of its biggest public relations assets.

Story highlights

Former Lance Armstrong sponsor Oakley says it is "sad" but not angry about his demise

Chief executive Colin Baden says he is "left with the grief of what was a great story"

He says Oakley will not follow other bodies by asking for its money back

Baden: Armstrong was a key endorser due to his worldwide popularity

Lance Armstrong's fall from grace has left one of the cyclist's former sponsors not only "sad" -- but also without one of its biggest marketing tools.

Premier sports eyewear firm Oakley was one of several companies -- including Nike, Trek and Anheuser-Busch -- to end lucrative deals with the American when he was stripped of his seven Tour de France titles after refusing to answer charges of systematic drug use.

Oakley said the 41-year-old had been a "symbol of possibility" when he signed up, having inspired millions when he returned to competition after recovering from testicular cancer and then won cycling's blue riband event from 1999-2005.

He also raised hundreds of millions of dollars for charity through his Livestrong foundation before a report by the U.S. Anti-Doping Agency this year left his legacy in tatters.

"The Lance story is a sad one, with our emotional connection with that athlete," Oakley chief executive Colin Baden told CNN.

"We have been very consistent in how we view cheating and we've always stuck with this over the 16 years I've been with the brand, so that if the governing body rules that an athlete has broken the rules, we can't be a sponsor.

Armstrong effigy causes outrage 2 photos

Armstrong effigy causes outrage2 photos

Up in flames – Disgraced cyclist Lance Armstrong is the subject of annual Bonfire Night celebrations in the British town of Edenbridge. An effigy of Armstrong will be burned during the celebrations, which mark the foiling of Guy Fawkes' "gunpowder plot" to blow up the Houses of Parliament and kill King James I in 1605. The Edenbridge Bonfire Soceity has gained a reputation for using celebrity "Guys," including Tony Blair, Jacques Chirac and Saddam Hussein.

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Armstrong effigy causes outrage2 photos

Outrage – The decision to decorate the effigy with a medal saying "Jim Fixed It For Me" has attracted criticism. The medal is a reference to deceased British broadcaster Jimmy Savile, who is now the subject of hundreds of allegations of child abuse.

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Photos: Drug scandals in sports 20 photos

Photos: Drug scandals in sports20 photos

Drug scandals in sports – New York Yankees star Alex Rodriguez was suspended in August 2013 after he was accused of having ties to Biogenesis, a now-defunct anti-aging clinic, and taking performance-enhancing drugs. The suspension covers 211 regular-season games through the 2014 season. Rodriguez denied the accusations and said he intends to appeal. Twelve other Major League Baseball players received 50-game suspensions without pay in the Biogenesis probe, and In July, Milwaukee Brewers star outfielder Ryan Braun was suspended for the rest of the season for violating the league's drug policy.

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Drug scandals in sports – Lance Armstong was stripped of his seven Tour de France titles and banned from professional cycling in October 2012 after being accused of using performance-enhancing drugs. Armstrong confessed in January 2013 to doping during his cycling career.

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Drug scandals in sports – Barry Bonds is baseball's all-time home run leader, but some commentators say there should be an asterisk by his record. Though he's said he never knowingly used steroids, two San Francisco reporters wrote a book alleging he used performance-enhancing drugs. He was indicted on charges of perjury and obstructing justice for allegedly lying to a grand jury investigating steroids, and convicted of obstruction of justice.

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Drug scandals in sports – Lyle Alzado was known as one of the most vicious lineman to ever play the game, and he chalked up more than 100 sacks and almost 1,000 tackles. Before his death from brain cancer at age 43, he told Sports Illustrated he began using steroids in 1969 and that, "On some teams between 75 and 90% of all athletes use steroids."

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Drug scandals in sports – Known as "Rocket" for his aggressive pitching style, Roger Clemens played pro ball for more than two decades, racking up seven Cy Youngs. He left Major League Baseball under a cloud of steroid allegations, despite a court finding him not guilty of perjury when he told Congress he never used the drugs.

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Drug scandals in sports – At 6-foot-5 and 260 pounds, Alistair Overeem is known for putting mixed martial arts star Brock Lesnar into early retirement. Ahead of a heavyweight title match against UFC champion Junior dos Santos in May, Overeem tested positive for elevated levels of testosterone and was yanked from the card.

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Drug scandals in sports – An early and chief accuser of Armstrong, Floyd Landis was himself stripped of his 2006 Tour de France title after testing positive for performance-enhancing drugs. He admitted doping in 2010, the same year he accused many other riders of doping as well.

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Drug scandals in sports – As the most decorated Olympian ever, with 22 medals, Michael Phelps is known as a fish in human's clothing, but for a brief period in 2009, after a photo of him smoking a bong was made public, he also was known as a pothead. Despite losing sponsors, he quickly became known for swimming again, securing six medals in the 2012 Games.

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Drug scandals in sports – Marion Jones was a world champion track and field athlete who won several titles in the 1990s and five medals during the 2000 Olympic Games in Sydney, Australia. After admitting in 2007 that she had taken performance-enhancing drugs, she was stripped of the gold medals and other honors won after the 2000 Games.

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Drug scandals in sports – Known as "Lights Out" after knocking out four players in a high school game, Shawne Merriman entered the NFL with fanfare, earning 2005 Rookie of the Year honors. His 2006 suspension for steroid use prompted the "Merriman Rule," prohibiting any player who tests positive for steroids from going to the Pro Bowl that year.

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Drug scandals in sports – After his former Texas Rangers teammate Jose Canseco accused him of using steroids, Rafael Palmeiro appeared before Congress to deny the allegations. Later that year, he was suspended from baseball for testing positive for steroids. He maintains to this day he has never knowingly taken performance enhancers.

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Drug scandals in sports – Few NBA players have tested positive for steroids, not only because the sport relies less on raw strength and speed than other sports but also because the league didn't begin testing until 1999. Miami Heat forward Don MacLean became the first to fail a test in 2000, and he was suspended for five games.

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Drug scandals in sports – After racking up awards in college football, Ricky Williams was picked in the first round of the pro football draft in 1999. After testing positive for marijuana in 2004 as a Miami Dolphin, Williams retired and studied holistic medicine in California. He returned to the Dolphins the following year, only to have more run-ins with the NFL drug policy. He retired again in 2011.

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Drug scandals in sports – Bill Romanowski was known for hard hits on the gridiron, but he also violently attacked teammate Marcus Williams during a scrimmage while playing for the Oakland Raiders. In a lawsuit, Williams blamed the attack on Romanowski's "roid rage." Romanowski settled the suit and in 2005 admitted to "60 Minutes" that he used steroids.

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Drug scandals in sports – Sprinter Tim Montgomery set the world record in the 100-meter dash in 2002, but the time was scratched after he was found to have used performance-enhancing drugs. Since his retirement, he has had other legal troubles including arrests for money laundering and heroin offenses. He was sentenced to jail time for both.

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Drug scandals in sports – An Olympian and renowned longball hitter, Mark McGwire spent his entire career with the Oakland A's and St. Louis Cardinals, breaking the single-season home run record in 1998. In 2010, he admitted using steroids over the course of a decade but told Bob Costas in an interview he took them only for health reasons.

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Drug scandals in sports – Ross Rebagliati won a gold medal during the first year of snowboarding at the 1988 Olympics. He was stripped of the medal after testing positive for the active ingredient in marijuana. It became fodder for late-night talk show jokes, but Rebagliati eventually got his medal back after it was determined marijuana was not a banned substance.

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Drug scandals in sports – A winner of eight Grand Slam events, Andre Agassi was considered one of the most dominant tennis players of the 1990s. In 2009, the tennis pro acknowledged in his autobiography that he had failed a drug test for methamphetamine in 1997 but skirted punishment by blaming an assistant.

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Drug scandals in sports – Regarded as the best soccer player after Pele, Diego Maradona was known for his deft footwork and knack for finding the net. In 1991, he was suspended for 15 months after testing positive for cocaine. He would later admit he was addicted to the drug for about 20 years and began using when he was playing for Barcelona in the 1980s.

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Drug scandals in sports – A prolific sprinter in the 1980s, Canadian Ben Johnson routinely bested American Carl Lewis in the 100-meter dash. After winning the gold at Seoul in 1988, Johnson tested positive for a steroid. His coach said Johnson took the drugs to keep up with other athletes and later wrote a book saying all top athletes were using in those days.

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Photos: Lance Armstrong's rise and fall 28 photos

Photos: Lance Armstrong's rise and fall28 photos

Lance Armstrong's rise and fall – After denying the allegations for years, cyclist Lance Armstrong admitted to using performance-enhancing drugs. As a result, he was stripped of his seven Tour de France titles and an Olympic bronze medal. Click through the gallery for a look at his life and career.

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Photos: Lance Armstrong's rise and fall28 photos

Lance Armstrong's rise and fall – Armstrong, 17, competes in the Jeep Triathlon Grand Prix in 1988. He became a professional triathlete at age 16 and joined the U.S. National Cycling Team two years later.

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Lance Armstrong's rise and fall – Armstrong wins the 18th stage of the Tour de France in 1995. He finished the race for the first time that year, ending in 36th place.

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Photos: Lance Armstrong's rise and fall28 photos

Lance Armstrong's rise and fall – Armstrong rides at the Ikon Ride for the Roses to benefit the Lance Armstrong Foundation in May 1998. He established the foundation to benefit cancer research after he was diagnosed with testicular cancer in 1996. After treatment, he was declared cancer-free in February 1997.

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Photos: Lance Armstrong's rise and fall28 photos

Lance Armstrong's rise and fall – Armstrong leads his teammates during the final stage of the 1999 Tour de France.

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Photos: Lance Armstrong's rise and fall28 photos

Lance Armstrong's rise and fall – Armstrong takes his honor lap on the Champs-Élysées in Paris after winning the Tour de France for the first time in 1999.

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Lance Armstrong's rise and fall – After winning the 2000 Tour de France, Armstrong holds his son Luke on his shoulders.

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Lance Armstrong's rise and fall – Armstrong rides during the 18th stage of the 2001 Tour de France. He won the tour that year for the third consecutive time.

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Photos: Lance Armstrong's rise and fall28 photos

Lance Armstrong's rise and fall – Armstrong celebrates winning the 10th stage of the Tour de France in 2001.

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Photos: Lance Armstrong's rise and fall28 photos

Lance Armstrong's rise and fall – After winning the 2001 Tour de France, Armstrong presents President George W. Bush with a U.S. Postal Service yellow jersey and a replica of the bike he used to win the race.

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Lance Armstrong's rise and fall – Armstrong celebrates on the podium after winning the Tour de France by 61 seconds in 2003.

Lance Armstrong's rise and fall – After his sixth consecutive Tour de France win, Armstrong attends a celebration in his honor in front of the Texas State Capitol in Austin.

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Lance Armstrong's rise and fall – Armstrong arrives at the 2005 American Music Awards in Los Angeles with then-fiancee Sheryl Crow. The couple never made it down the aisle, splitting up the following year.

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Photos: Lance Armstrong's rise and fall28 photos

Lance Armstrong's rise and fall – Armstrong holds up a paper displaying the number seven at the start of the Tour de France in 2005. He went on to win his seventh consecutive Tour de France.

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Photos: Lance Armstrong's rise and fall28 photos

Lance Armstrong's rise and fall – Armstrong testifies during a Senate hearing in 2008 on Capitol Hill. The hearing focused on finding a cure for cancer in the 21st century.

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Lance Armstrong's rise and fall – In 2009, Armstrong suffered a broken collarbone after falling during a race in Spain.

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Lance Armstrong's rise and fall – Young Armstrong fans write messages on the ground ahead of the 2009 Tour de France. He came in third place that year.

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Lance Armstrong's rise and fall – Armstrong launches the three-day Livestrong Global Cancer Summit in 2009 in Dublin, Ireland. The event was organized by his foundation.

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Lance Armstrong's rise and fall – In May 2010, Armstrong crashes during the Amgen Tour of California. That same day, he denied allegations of doping made by former teammate Floyd Landis.

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Lance Armstrong's rise and fall – Armstrong looks back as he rides during the 2010 Tour de France.

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Lance Armstrong's rise and fall – Armstrong's son Luke; his twin daughters, Isabelle and Grace; and his 1-year-old son, Max, stand outside the Radio Shack team bus on a rest day during the 2010 Tour de France.

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Lance Armstrong's rise and fall – Armstrong finished 23rd in the 2010 Tour de France. He announced his retirement from the world of professional cycling in February 2011. He said he wanted to devote more time to his family and the fight against cancer.

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Lance Armstrong's rise and fall – The frame of Armstrong's bike is engraved with the names of his four children at the time and the Spanish word for five, "cinco." His fifth child, Olivia, was born in October 2010.

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Lance Armstrong's rise and fall – Armstrong competes in the 70.3 Ironman Triathlon in Panama City, Florida, in February 2012. He went on to claim two Half Ironman triathlon titles by June of that year.

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Lance Armstrong's rise and fall – Armstrong addresses participants at the Livestrong Challenge Ride on October 21, 2012, days after he stepped down as chairman of his Livestrong cancer charity.

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Lance Armstrong's rise and fall – International Cycling Union President Pat McQuaid announces the decision to strip Armstrong of his seven Tour de France wins and ban him from the tournament for life on October 22, 2012. "Lance Armstrong has no place in cycling," he said.

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Lance Armstrong's rise and fall – In January 2013, Armstrong speaks with Oprah Winfrey about the controversy surrounding his cycling career. He admitted, unequivocally and for the first time, that he used performance-enhancing drugs while competing.

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"I don't think we'll change any of our strategic views of who we want to promote the brand, but how that person behaves is critical to having a positive relationship."

Many people who once backed Armstrong, following years of allegations about his potentially being a drug user, have now expressed their anger at his apparent duplicity but Baden said there was no point in recriminations.

"For me personally, it's an emotional response. I've never found anger to lead to anything constructive in life -- it's just a disappointment," Baden said.

"I can be angry, but it won't change the situation, so I'm just left with the grief of what was a great story."

Baden said there had been no question of Oakley dropping Armstrong until he was officially stripped of his titles.

"We've had athletes fall in the category before and still followed the same rule. Once the recognized governing body rules against them, we follow that governing body's recommendations," he said.

"I feel like we're not responding to emotion, we're not responding to the story of the day -- we're following the law."

Texas company SCA Promotions is also seeking the return of $12 million it paid Armstrong, but Baden said Oakley would not be following suit.

The company, which has been endorsed by the likes of basketball legend Michael Jordan, tennis star Andre Agassi and now golf's rising star Rory McIlroy, will have to plug the gap left by the fall of one of its most marketable names.

"I like to think of us as a premier sports performance company and we do really extreme product development -- and sometimes the products we develop are unique and it requires somebody in what we call 'the front row' to explain to the masses that this is the best," Baden said.

"So any athlete that we're targeting to have a relationship with has to be perceived as the best. There's a reason he's choosing our products -- it's not because we pay him to do it, it's because it pays to do it."